The degree of income inequality can be expressed with a:
a. Laffer curve
b. Lorenz curve
c. Lector curve
d. Phillips curve
Ans: b. Lorenz curve
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Each of the following took place in the latter half of the 1990s except
A. a declining federal budget deficit. B. a declining unemployment rate. C. the spread of computerization. D. a rising rate of inflation.
If a 10 percent increase in the price of tomatoes leads to a 20 percent decrease in quantity demanded, then the price elasticity of demand for tomatoes, , equals -2
a. True b. False Indicate whether the statement is true or false
The Federal Deposit Insurance Corporation (FDIC):
A. insures all demand deposit accounts up to $10 million in banks choosing FDIC protection. B. was created as a government-owned corporation following the creation of the World Bank and the International Monetary Fund after World War II. C. was created to reduce the risk of banking by compensating depositors and keeping bank failures from spreading. D. creates monetary policy in conjunction with the Federal Reserve Board.
In the above figure, the total consumer surplus at the efficient level of output is ________
A) $4.5 million B) $9.0 million C) $2.5 million D) $8.5 million